Participated · Series A · Dec 2025

Founded in 2023 in Rhode Island by maritime practitioners and defense engineers, Vatn Systems is building scalable fleets of autonomous underwater vehicles for the U.S. military, allied governments, and civilian customers. Its flagship platforms, the Skelmir S6 and Skelmir S12, combine a plug-and-play payload architecture with INStinct, the company’s proprietary inertial navigation system that provides GPS-denied guidance at a fraction of traditional costs. The vehicles support distributed sensing, ISR, mine countermeasures, electronic warfare, and other emerging undersea missions, and can be re-configured for offshore energy, port security, and environmental monitoring in days rather than months. Throughout 2025 the company delivered AUVs to U.S. government customers, ran successful open-water demonstrations, and ramped production capacity to meet growing demand. Vatn positions itself as a future “underwater defense prime” by offering attritable, mass-deployable systems that align with shifting naval doctrines. Commercially, the same low-cost autonomy unlocks persistent coastal infrastructure monitoring and scientific research opportunities. The recent capital infusion is intended to accelerate production scaling and broaden mission profiles for both defense and civilian markets.

Participated · Series B · Nov 2023

Xage Security provides zero trust security products and services that secure, manage, and transform digital operations across operational technology (OT), information technology (IT), and cloud environments. Its product suite includes identity-based access management, remote access, and zero trust data exchange, all powered by the Xage Fabric, alongside professional cybersecurity design, implementation, and support services. Xage’s Cybersecurity Mesh is designed to bring zero trust access management and data security to complex environments without overhauling existing physical or digital infrastructure. The company serves critical infrastructure sectors including energy, manufacturing, healthcare, and government. Xage plans to use the new funds to further R&D investments and expand go-to-market operations, and is pursuing global expansion including a new Singapore office to support APAC customers after recent Middle East expansion. The company is based in Palo Alto, California. Xage is a zero trust cybersecurity company whose core product is the Xage Fabric. The Xage Fabric accelerates and simplifies the way enterprises secure, manage and transform digital operations across OT, IT, and cloud. Xage solutions include Identity & Access Management (IAM), remote access, and dynamic data security, all powered by the Xage Fabric. The company announced investment from Chevron Technology Ventures to further accelerate the use of zero trust in protecting energy and other critical infrastructure. The additional capital extends Xage's Series B venture capital financing for a second time in the last two months, bringing total financing to-date to $62M. Xage is based in Palo Alto, CA. Xage provides a patented Xage Fabric that brings a zero-trust security model across operational technology (OT), IT, and cloud environments, offering identity & access management, remote access, and dynamic data security. The Fabric overlays machines, applications, and data points to impose granular control and block attacks in real-world operations. Customers in energy, defense, utilities, manufacturing, and logistics have more than doubled in the past year, and two-thirds are accelerating rollouts to meet TSA and other government mandates. Customers include top five energy companies globally and top five U.S. pipeline operators. Partners have increased 16x, and the company expects bookings to grow 7x in 2022. Xage announced a $6M Series B top-up and will use the funds to expand go-to-market operations to meet growing demand from critical infrastructure organizations globally. Xage builds a software "fabric" — a mesh of nodes that overlays industrial operations to provide granular control of digital interactions and zero-trust protection spanning operations, IT and the cloud. The solution leverages a distributed ledger/blockchain organized in nodes to avoid single points of failure and limit the impact of attacks. It targets older, brittle industrial infrastructure including oil and gas pipelines, water supplies and electrical grids. The company says demand has risen amid increasing ransomware attacks, government regulation and incidents such as last year’s Florida water supply attack. To support rollouts and deployments Xage is hiring aggressively: it had over 40 employees at the time of the article and expected to be close to 90 by the end of 2022, and plans a hybrid work approach. Financially, Xage announced a $30 million Series B and has raised $54 million in total to date. Xage Security provides a blockchain-protected security platform for the Industrial Internet of Things (IIoT) that distributes authentication and private data across device networks. The platform enables any-to-any communication, secures access to existing industrial systems, and supports continuous edge-computing operations despite irregular connectivity. Its architecture is designed to strengthen as more devices join the network. Customers include leaders across energy, utilities, transportation, and manufacturing. The company is led by CEO Duncan Greatwood and recently added Norman Thorlakson as SVP of Sales and Business Development to expand its customer portfolio. Funding announced will support continued growth and deployment of distributed IIoT across energy, renewables, water, wind, and other sectors.

Led · Equity · Mar 2023

Morpheus Data offers a platform for hybrid cloud management and platform operations, delivering an agnostic self-service application provisioning catalog that integrates dozens of on‑premises hypervisors, public clouds, and automation tools. The software functions as an orchestration engine and emphasizes reducing tool sprawl, streamlining workflows, and enabling teams to move faster within operational and financial guardrails. Morpheus serves hundreds of enterprises, agencies, and service providers and touts more third‑party integrations and functionality than competing platforms. The company was launched in 2015 and positions itself to address people, process, tools, and technology for faster service delivery and lower risk. Following a $5 million strategic investment from SAIC, Morpheus plans to deepen its federal-facing capabilities and broaden its market advantage through integration with systems integrators. The company intends to integrate with SAIC’s CloudScend suite to accelerate provisioning cycles and improve transparency in multi‑cloud government environments.